Latest news with #SR375
Gulf Insider
12-04-2025
- Business
- Gulf Insider
Saudi Cinema's Blockbuster Rise: Billions Invested as Industry Booms
In just a few years, Saudi Arabia's film industry has transformed into a rising star on the global cinematic stage, fuelled by bold investments and visionary planning as part of the Kingdom's broader mission to diversify its oil-reliant economy. What makes the rapidly growing cinema industry so tick and what future is in store for it? Here's how the Saudi cinema has made big strides guided by an ambitious agenda. Broadly speaking, the kingdom's cultural and entertainment sector has flourished since Saudi Arabia launched in 2016 Saudi Vision 2023, an ambitious scheme designed to diversify its economy. Lynchpin of entertainment Saudi Vision 2023 envisages the entertainment sector will contribute about 3 per cent of the gross domestic product as well as create 100,000 jobs by the year 2030. The cinema industry underlines these ambitions. To achieve these objectives, Saudi Arabia has established several government agencies including the Film Commission, the General Entertainment Authority, and the Cultural Development Fund as well as state-of-the-art studios geared towards developing cinema infrastructure and supporting local and international productions. Investment inflow Saudi Arabia has pumped huge investments into galvanising its film industry and placing it on the global map since the kingdom reopened cinemas in 2018 for the first time in nearly four decades. The Saudi Entertainment Ventures operates as the investment and executive arm of the Public Investment Fund — the kingdom's sovereign investment fund — with an estimated capital of SR10 billion. Last year, the Saudi Film Fund with a total capital of SR375 million ($100 million) was launched. With a 40 per cent investment from the Cultural Development Fund, the nascent fund aims to invest in local and international film production. In the same vein, GEA last year unveiled a plan to set up an investment fund to support filmmaking in the Arab world. The Big Time Fund is tasked with upgrading the Arab content in producing, distributing and making films featuring leading actors in the Arab world. The state agency has recently announced shooting in Riyadh '7Dogs', a $40 million thriller touted as the film with the highest budget ever in the history of the Arab cinema. Revenue pouring in as screens shine Emerging as a magnet for renowned filmmakers and cinema icons from across the globe, Saudi Arabia has launched major pageants including the Red Sea Film Festival that debuted in December 2021. The festival's foundation has supported more than 250 filmmakers around the world, including some who participated in the Cannes Film Festival. Concomitantly, the number of well-equipped cinema screens has remarkably increased from just 45 in 2018 to 600 screens at 69 theatres across the kingdom in 2023. These efforts have drawn larger numbers of cinema-goers and translated into takings of SR3.7 billion in 2023. More than 61 million tickets were sold over the period from April 2018 to March last year when a total of 1,971 films, including 45 local productions, were screened across the kingdom, according to government figures. Films screened at Saudi theatres grossed around SR127 million in the first quarter of this year, recent figures have shown. The takings mark a 4% rise against the first quarter of last year. Reaching out to world Saudi filmmakers have, meanwhile, sought joint production opportunities mainly to overcome funding challenges, make use of partners' technical and artistic expertise and expand global markets for Saudi films. Saudi presence at major world film festivals is strong too. Last year, Saudi Arabia and China agreed to cooperate in the film industry. The Saudi Film Commission inked a memorandum of understanding with the Bona Film Group, a Chinese film producer and distributor. The pact envisaged cooperation in film distribution including Saudi movies in both countries, training, skill development and negotiations on establishing a joint film production fund. The governmental commission has organized several tours of other countries where Saudi films are screened. The 'Saudi Film Nights' tours aim at securing global exposure to film productions in the kingdom, supporting Saudi filmmakers, giving them access to a varied international audience and establishing solid links with international cinema forums to exchange expertise.
Saudi Gazette
26-03-2025
- Entertainment
- Saudi Gazette
100 Thieves claim Marvel Rivals Invitational NA crown as 2025 scene heats up
The Marvel Rivals Invitational (MRI) North America wrapped up its biggest edition yet, boasting a $100,000 prize pool (SR375,125) and a fierce lineup of top-tier esports organizations. With viewership climbing and competition intensifying, the tournament signals a booming year ahead for Marvel Rivals. More teams, more events, and rising hype are setting the stage for the game's breakout esports moment in 2025. 100 Thieves dominate bracket play In a climactic Grand Final on March 23, 100 Thieves edged out FlyQuest 4-2 in a Best-of-7 series, securing first place and SR150,054 in winnings. FlyQuest finished second (SR75,027), while Sentinels took third (SAR 45,016) after falling to FlyQuest 3-1 in the Lower Bracket Final. The event began with an 8-team Swiss System stage from March 14-16, followed by a double-elimination bracket from March 21-23. All matches were streamed live on Marvel Rivals' official Twitch channel. Final standings and prize pool 1st – 100 Thieves — $40,000 / SAR 150,053.92 2nd – FlyQuest — $20,000 / SAR 75,026.96 3rd – Sentinels — $12,000 / SAR 45,016.18 4th – Envy — $8,000 / SAR 30,010.78 5th/6th – Shikigami & NTMR — $6,000 each / SAR 22,508.09 7th/8th – Shroud-X & Rad Esports — $4,000 each / SAR 15,005.39 Bracket play highlights March 23 – Finals Grand Final: 100 Thieves def. FlyQuest 4-2 Lower Final: FlyQuest def. Sentinels 3-1 March 22 – Playoffs Upper Final: 100 Thieves def. Sentinels 3-0 Lower Quarterfinals: Envy def. Shikigami 3-2 FlyQuest def. NTMR 3-0 Lower Semifinal: FlyQuest def. Envy 3-1 March 21 – Opening matches Upper Bracket: 100T def. Envy 3-1 Sentinels def. FlyQuest 3-1 Lower Bracket: Shikigami def. Shroud-X 3-1 (Shroud-X DQ) NTMR def. Rad Esports 3-1 (Rad DQ) Swiss stage results (March 14–16) Round 1 100T def. Rad 2-0 Sentinels def. NTMR 2-0 Shroud-X def. Envy 2-0 FlyQuest def. Shikigami 2-0 Round 2 Sentinels def. Shroud-X 2-1 100T def. FlyQuest 2-0 Envy def. Rad 2-1 NTMR def. Shikigami 2-0 Round 3 100T def. Sentinels 2-1 FlyQuest def. Shroud-X 2-0 Envy def. NTMR 2-0 Rad def. Shikigami 2-0 Commentary and guest appearances The tournament featured commentary by Cozy, Dogman, iRunShibb, and LemonKiwi, with guest appearances by streamers and former pros including Shroud, Jay3, Flats, Bogur, Crimzo, and Nevix. Participating teams and rosters 100 Thieves: TTK, Vinnie, Delena, Terra, Hxrvey, SJP, Billion Envy: cal, nkae, iRemiix, SPACE, Paintbrush, Sleepy FlyQuest: Ghasklin, SparkChief, LytePk, enwrgyy, adios, cerise, zelos NTMR: Dosui, Malenia, Luka, Mace, Baiser, Pizzademon Rad Esports: Manually, chime, LennJaeGon, Skai, Prota, spennyyyyy Sentinels: SuperGomez, Rymazing, Hogz, Coluge, Aramori, Karova Shikigami: Amadien, Melophobia, ScatterGengi, craZmanG, Dinks, Shocker Shroud-X: VisionGMG, Doomed, Impuniti, Window, Fidel, Nuk As Marvel Rivals continues its rise in competitive gaming, the Invitational has solidified its reputation as a premier event on the calendar. With more events on the horizon, fans can expect even higher stakes and bolder plays in 2025.
Leaders
27-02-2025
- Business
- Leaders
Saudi Arabia Announces SR375 Billion Mining Investment Opportunities
Saudi Arabia has unveiled a SR375 billion mining investment strategy through 2035 to establish itself as a global mining leader. Eng. Khalid Al-Mudaifer, Deputy Minister of Industry and Mineral Resources, confirmed SR75 billion already funds active projects under this strategy. The plan supports Vision 2030's goals, prioritizing mining to diversify the economy and drive industrial growth nationwide. Vision 2030 Sparks Mining Sector Transformation At the BMO Global Metals, Mining, and Critical Minerals Conference in Miami, Al-Mudaifer discussed Vision 2030's impact. The initiative modernized Saudi Arabia's mining laws and attracted domestic and international investors through programs like the National Minerals Program. Government partnerships with private firms have attracted major global companies. These companies seek access to Saudi Arabia's mineral reserves. These reserves now value SR9.3 trillion, rising from SR5 trillion in recent years. HE Vice Minister for Mining Affairs, Eng. Khalid AlMudaifer, highlighted the promising investment opportunities in Saudi Arabia's mining and mineral sector as part of #Vision2030, emphasizing the Kingdom's role in enhancing the sustainability of global supply chains and… — وزارة الصناعة والثروة المعدنية (@mimgov) February 26, 2025 A dramatic 22-fold increase in exploration companies operating in the Kingdom, from six in 2020 to 133 in 2023, reflects soaring global demand for critical minerals. Annual exploration spending has surged by 32%, far exceeding the global average of 6-8%, with total investments reaching SR1.33 billion. These efforts have not only unlocked new reserves but also created jobs, directly supporting Vision 2030's economic diversification goals. Saudi Arabia Eyes Long-Term Global Competitiveness Moreover, Al-Mudaifer emphasized that the mining sector is now central to the Kingdom's economic strategy. By fostering public-private partnerships and leveraging its mineral wealth, Saudi Arabia aims to solidify its position as a key supplier of critical minerals. The Kingdom, through sustained investment and strategic alliances, will dominate the global mining landscape for decades. Saudi Arabia's SR375 billion mining investment plan exemplifies its unwavering commitment to Vision 2030. As exploration expands and international partnerships strengthen, the Kingdom is well on its way to transforming its mining sector into a driver of sustainable economic growth and global leadership. Short link : Post Views: 16
Zawya
27-02-2025
- Business
- Zawya
Saudi Arabia unveils $100bln in mining investment opportunities
RIYADH – Saudi Arabia has announced a massive investment opportunity in its mining sector, worth SR375 billion by 2035. Deputy Minister of Industry and Mineral Resources for Mining Affairs Eng. Khalid Al-Mudaifer revealed that SR75 billion in investments are already underway. This move highlights the Kingdom's continued push to position itself as a leading player in the global mining and manufacturing industries. Al-Mudaifer shared this exciting news during a session at the BMO Global Metals, Mining, and Critical Minerals Conference in Miami. The conference, which took place from Sunday to Wednesday, brought together industry leaders to discuss the future of mining and critical minerals. Al-Mudaifer highlighted how Saudi Arabia's Vision 2030, a long-term plan to diversify the economy and reduce dependence on oil, has placed mining at the heart of the Kingdom's economic transformation. Under Vision 2030, the mining sector has been identified as one of the country's three key pillars for industrial growth. The government has worked hard to modernize laws, create national programs like the National Minerals Program, and foster private sector involvement to attract both domestic and international investments. These efforts have been successful in attracting major global companies looking to capitalize on the Kingdom's rich mineral resources. Al-Mudaifer pointed out that the value of Saudi Arabia's mineral wealth has skyrocketed in recent years, from SR5 trillion to an estimated SR9.3 trillion. This increase reflects both the growing value of the resources and the progress the Kingdom has made in unlocking the full potential of its mining sector. Perhaps the most impressive development has been the surge in exploration activities. The number of exploration companies operating in Saudi Arabia has increased dramatically, from just six in 2020 to 133 in 2023. This 22-fold increase in just three years demonstrates the growing interest in the country's mining potential. In total, Saudi Arabia has spent SR1.33 billion on exploration, with annual spending growing by 32% — far above the global average of 6-8%. This investment is not only helping to uncover new mineral reserves but is also creating jobs and boosting the Kingdom's economic diversification goals. The Kingdom's focus on exploration is paying off. With the rise of global demand for critical minerals, Saudi Arabia is positioning itself as a key supplier in the global market. As Al-Mudaifer noted, the mining sector is rapidly becoming a central pillar of the Kingdom's economic strategy. By attracting international companies and fostering public-private partnerships, Saudi Arabia is set to continue its growth as a mining hub for the next decade and beyond. In conclusion, the SR375 billion investment in Saudi Arabia's mining sector is a testament to the Kingdom's commitment to Vision 2030 and its determination to become a leader in the global mining industry. With ongoing investments in exploration and a growing number of international partnerships, Saudi Arabia is well on its way to transforming its mining sector into a major economic driver, supporting both its long-term sustainability and global competitiveness. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Saudi Gazette
27-02-2025
- Business
- Saudi Gazette
Saudi Arabia unveils SR375bn in mining investment opportunities
Saudi Gazette report RIYADH – Saudi Arabia has announced a massive investment opportunity in its mining sector, worth SR375 billion by 2035. Deputy Minister of Industry and Mineral Resources for Mining Affairs Eng. Khalid Al-Mudaifer revealed that SR75 billion in investments are already underway. This move highlights the Kingdom's continued push to position itself as a leading player in the global mining and manufacturing industries. Al-Mudaifer shared this exciting news during a session at the BMO Global Metals, Mining, and Critical Minerals Conference in Miami. The conference, which took place from Sunday to Wednesday, brought together industry leaders to discuss the future of mining and critical minerals. Al-Mudaifer highlighted how Saudi Arabia's Vision 2030, a long-term plan to diversify the economy and reduce dependence on oil, has placed mining at the heart of the Kingdom's economic transformation. Under Vision 2030, the mining sector has been identified as one of the country's three key pillars for industrial growth. The government has worked hard to modernize laws, create national programs like the National Minerals Program, and foster private sector involvement to attract both domestic and international investments. These efforts have been successful in attracting major global companies looking to capitalize on the Kingdom's rich mineral resources. Al-Mudaifer pointed out that the value of Saudi Arabia's mineral wealth has skyrocketed in recent years, from SR5 trillion to an estimated SR9.3 trillion. This increase reflects both the growing value of the resources and the progress the Kingdom has made in unlocking the full potential of its mining sector. Perhaps the most impressive development has been the surge in exploration activities. The number of exploration companies operating in Saudi Arabia has increased dramatically, from just six in 2020 to 133 in 2023. This 22-fold increase in just three years demonstrates the growing interest in the country's mining potential. In total, Saudi Arabia has spent SR1.33 billion on exploration, with annual spending growing by 32% — far above the global average of 6-8%. This investment is not only helping to uncover new mineral reserves but is also creating jobs and boosting the Kingdom's economic diversification goals. The Kingdom's focus on exploration is paying off. With the rise of global demand for critical minerals, Saudi Arabia is positioning itself as a key supplier in the global market. As Al-Mudaifer noted, the mining sector is rapidly becoming a central pillar of the Kingdom's economic strategy. By attracting international companies and fostering public-private partnerships, Saudi Arabia is set to continue its growth as a mining hub for the next decade and beyond. In conclusion, the SR375 billion investment in Saudi Arabia's mining sector is a testament to the Kingdom's commitment to Vision 2030 and its determination to become a leader in the global mining industry. With ongoing investments in exploration and a growing number of international partnerships, Saudi Arabia is well on its way to transforming its mining sector into a major economic driver, supporting both its long-term sustainability and global competitiveness.
